Banca Profilo’s Swiss subsidiary Banque Profil de Gestion (BPDG) signed an agreement on 2 July for the acquisition of Geneva-based broker and fixed income adviser Dynagest SA.
The operation is expected to increase BDPG’s assets under management to some CHF3bn (€2.5bn) while strengthening its institutional asset management skills, thanks partly to the move of 20 members staff from Dynagest to the private bank.
Subject to regulatory approval by FINMA – the Luxembourg Financial Services Supervision Commission – and all communications required by the Bank of Italy, the acquisition is expected to take place on 30 September 2018.
The operation had been announced on 24 April, when both companies signed a binding agreement for the acquisition.
Dynagest’s brokerage margin amounted to CHF 7.2M (€6.02m) as of the end of March 2017.